Asked by: Hadjer Diaz Mayordomo
asked in category: General Last Updated: 21st January, 2020

Can you refinance a chattel loan?

Refinancing can be a big cost-saver, particularly for mobile home owners who don't have mortgages, but instead “chattel loans.” One way mobile home owners can lower these costs is through refinancing—specifically, refinancing their chattel loan into a mortgage loan once the property is eligible.

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In this regard, is it hard to refinance a mobile home?

To qualify for refinancing as a mortgage: The home must be on a permanent foundation that meets standards set by the Department of Housing and Urban Development. The manufactured home must be titled as real estate rather than as personal property. The homeowner has to own the land that the manufactured home is on.

Additionally, does Rocket mortgage refinance mobile homes? Yes! We offer a manufactured home loan refinance. This option has various types of loans to refi into: FHA, VA, and conventional loans.

Hereof, how do I qualify for a chattel loan?

Qualifying for a Chattel Loan

  1. Applicant must have 575+ credit.
  2. Minimum loan amount of $35K.
  3. New single or multi-section manufactured homes are eligible.
  4. As low as 5% down.
  5. As high as 50% debt to income ratios.
  6. 20-23 year terms.
  7. Max loan of $125K.
  8. We offer very competitive rates and terms (see our rate sheets)

Can you refinance a double wide?

According to Vandenberg, you will need a score of 660 or higher to refinance a manufactured home with a VA loan. The home must have at least 400 square feet of living space if it is single wide or 700 square feet of living space if it is double wide.

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